Miami-based Marco Financial raised $12 million to fuel its financial technology business.
The series A round was led by IDC Ventures, with participation from IDB Lab, a venture capital fund tied to the Inter-American Development Bank Group. Florida Funders and Miami Ventures are also among its investors.
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Founded in 2019, Marco Financial facilitates cross-border trade by providing working capital to small- and medium-sized exporters. The platform also provides bookkeeping and banking services for trading companies.
Smaller businesses often struggle to obtain financing from traditional banks. Globally, banks reject more than 50% of trade finance applications from small- and medium-sized ventures, the company reports, often because of their lack of history and size. In Latin America, fewer than 10% of those companies have access to financing, even though they make up most of businesses in the region.
"We are looking to serve a cohort that has been historically underserved, offering a comprehensive platform that encompasses everything from financing to compliance and beyond," said co-founder and CEO Jacob Shoihet.
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Mexico recently surpassed China to become the United States' top trader partner, a trend that suggests more exporters will need financing to keep up with demand.
Marco Financial has raised hundreds of millions in recent years to fund its growth. That includes a $200 million deal with MidCap Financial and an $82 million seed financing round in 2021.
The company has 50 employees across its offices in Brickell, New York and Montevideo, Uruguay.
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